Juice Cullent Asset Ratio and Quick Ratio) Part B Long Question (40 marks) Answer All Questions: 2(Q) - 7.5 (M) = 15 Marks 1. Some recent financial statements for Golf Club Corp. follow Current assets Cash Accounts receivable Inventory Total GOLF CLUB CORP. 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current liabilities $ 24,046 $ 24,255 Accounts payable $ 23.184 $ 27.420 12,448 15,235 Notes payable 12,000 10.800 25,392 27.155 Other 11,571 15.553 $ 61,886 $ 66,645 Total $ 46,755 $53.773 Long-term debt $ 80,000 $ 95,000 Owners' equity $324,695 $365,734 Common stock and $ 40,000 $ 40.000 paid-in surplus Retained eamings 219,826 243.606 Total $259,826 $ 283.606 Total liabilities and owners $386 581 $ 432,379 $ 386,581 5432 379 equity I Fixed assets Net plant and equipment Total assets arch O W EN Finance for Non Finance Managers GOLF CLUB CORP. 2018 Statement of Comprehensive Income Sales Cost of goods sold Depreciation Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income Dividends $ 20,000 Additions to retained earnings 23,780 $ 366,996 253,122 32.220 $ 81,654 14.300 $ 67,354 23,574 $ 43,780 16 Find the following financial ratios for Golf Club Corp. (use year-end figures rather than average values where appropriate) a Short term solvency ratios b. Long term solvency ratios C Profitability ratios d. Asset Utilization ratio 2. Use the following information for Clarington Inc (assume the tax rate is 34%). 2018 2019